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Doran Cos. Led By Anne Behrendt Acquires Development Site In Minneapolis For $3M From Northpond Partners

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SOLD
$3,000,000

Minnesota

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Development Site
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Doran Cos. Led By Anne Behrendt Acquires Development Site In Minneapolis For $3M From Northpond Partners

3045 Hennepin Avenue South

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Development Site
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Summary

MINNESOTA
Asset Type:Development Site
Transaction Type:Sale

The property asset involved in this transaction is a development site located at 3045 Hennepin Avenue in Minneapolis, MN. The sale price for the site was $3,000,000. The buyer, Doran Cos., plans to redevelop the site into a 228-unit apartment project that has received approval in 2025, consisting of 80% market-rate units and 20% designated for renters earning 50% or less of the area median income.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $3,000,000
  • Buyer: Anne Behrendt - Doran Cos.
  • Seller: Northpond Partners
  • Approval Year for Development: 2025
  • Apartment Units: 228
  • Market-Rate Units: 80%
  • Units for Low-Income Renters: 20%

Anne Behrendt, the CEO of Doran Cos., led the acquisition of the Seven Points mall in Minneapolis from Northpond Partners. The project aims to address housing needs by incorporating a significant number of affordable units within the redeveloped site.

Players

AB
Doran Companies
Anne Behrendt
1 deal$3M volume
BUYER
NP
Northpond Partners
SELLER

Details

SOLD
IMAGE: 03/04/2026 ADDRESS: 3045 Hennepin Avenue MARKET: Minneapolis, MN ASSET TYPE: Development Site BUYER: Anne Behrendt - Doran Cos. SELLER: Northpond Partners SALE PRICE: $3,000,000 NOTE: Doran Cos., led by CEO Anne Behrendt, acquired the Seven Points mall in Minneapolis for $3 million from NorthPond Partners. The firm plans to redevelop the site into a 228-unit apartment project approved in 2025, with 80% market-rate units and 20% reserved for renters earning 50% or less of area median income.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37